COMMERCIAL

Southland Times, Issue 18965, 12 June 1923, Page 2

COMMERCIAL

TALLOW. The New Zealand Loan A Mercantile Agency Co., Ltd., have received the following cablegram from their ondon house:— Tallow: We quote present spot values for the following descriptions:—Fine mutton, 42/- per cwt; good beef, 40/3 per cwt; mixed, 35/9 per cwt; market quiet. WOOL SALES. Messrs Dalgety A Co., Ltd., report having received the following advice from their Head Office, London, under date of June 7:—London Wool Sales: The following vessel’s cargoes have arrived in time for inclusion in this series:—Athenic, Corinthic, Cumberland, Karamea, Kia Ora, Kumara, Mahana, Pakeha, Port Adelaide. B.A.W.R.A. Hull Wool Sales: The attendance of buyers generally is good. Selection all crossbreds. Continental buyers are the principal operators. English buyers are buying cautiously. As compared with last London sales closing rates, the market is fairly firm. BUTTER AND CHEESE. The National Mortgage A Agency Co., Ltd., report having received the following cable from their principals, Messrs H. A. Mills A Co.:—Butter: Steady, 156/- to 158/-, salted and unsalted. Cheese: Weak; 88/- to 90/-. OAMARU MARKETS. OAMARU, June 9. Though there has been a little rain, the weather has been fairly favourable for field work where the ground was in a condition suitable for ploughing. But that requirement is not presented over a wide area, for there has been an abeence of drying winds and only a modicum of sunshine. Speaking generally the ground has not yet sufficiently recovered from the drenching received in May to enable the teams to get to work upon it, and as a consequence little sowing of crops is likely to take place until the approach of spring, and the area is certain to show a considerable decline, especially in wheat. AU departments of the local market have suffered to some extent by reason of a great number of those concerned taking a holiday to attend the Winter Show in Dunedin. Still there has been a sufficiency of business in the grain and produce market to afford an indication of values. Wheat holdings are few, and generally small or comparatively small. A fair number of lines of that description of milling wheat have come on the market during the week, and have met with ready acceptance at full rates. If the infrequency of offerings may be accepted as a guide, the conclusion to be found is that holdings of fowl wheat in the country are limited. This is an indication that no great amount of damage was done by the persistent rain of a few weeks back. A few sales are reported at prices which work out around about 4/- to growers, net at country stations. Whlie nothing remarkable can be reported in respect of oata, a number of sales in modest lines have been made at country stations, the range of prices being, of course, regulated by sample and railage distance. Business has been confined to Gartons as follows:—Milling quality, 3/- net and 3/- and 3/1, less commission; A grade, 2/9J and 2/10; B’s, 2/8 to 2/9; undergrade, 2/6. Some malting barley has changed hands at from 3/9 to 4/-, net at country stations. A couple of sales of ryecorn are reported, 3/6 net at a country station having been given for one fine, while another, depreciated slightly by the presence of oats, was taken at a country station at 3/- net. The market for chaff is quieter, but £5 5/- net on trucks was given for a line of good oaten sheaf. Holders of potatoes, whose number is small, are looking for £lO net on trucks, and as that figure is much above the parity of prices current elsewhere, no business is being done.

COMMUNAL FORESTRY. PROSPECTUS OF AFFORESTATION, LTD. A concern with aims which are unique in New Zealand, but which have already been pursued with success in old countries, is Afforestation, Ltd., the prospectus for which has been issued. The company is to be floated with a capital of £125,000 in 5000 shares of £25 each, and of these shares 4938 are being offered to the public. The company aim at using a block of 2800 acres in the Patetere district on the railway from Putaruru to Rotorua, and to acquire other blocks of land up to a total area of 6500 acres. On this pumice land the company proposes to plant quick-growing trees, and to conserve the trees for not less than 25 years. The prospectus says that it is estimated that the return on each share after twenty-five or thirty years will be from £3OO to £6OO, and proceeds: “In the nature of things afforestation will not yield a large return in less than a period of approximately twenty-five years, and the intention of the company is not to pay any dividend or distribute any of its assets amongst its shareholders until the expiration of such period. . . . The land which the company intends to plant, and over which an option has been secured, as stated in the prospectus, has been inspected by H. A. Goudie, Esq., Conservator of Forests, whose report forms part of the prospectus. It is hoped also to acquire almost immediately a block which is practically adjoining (being separated from this block only by the raliwal line) and concerning which* the directors are satisfied on the report of experts that it is equally suitable for the purposes of the company. The officers of the Forestry Service have promised their advice as to the most suitable trees for planting, and this advice is of course based on practical experience. The State Forest Service will also provide trees at cost price.” The reports of Mr H. A. Goudie and Professor Grossman deal with the scientific and financial aspects of the commercial growing of Pin us Insignis and Eucalypts, and with the country in which the company proposes to operate. The provisional directors of the company are: Messrs James Alexander Duncan, public accountant, of Auckland; George Frederick Vere, merchant, Auckland; Benjamin Herbert Andrew, merchant, Auckland; John Walter Teed Macklow, chemist, Auckland; Henry Landon Smith, broker, Auckland; and D. Reese, merchant, Christchurch. Messrs H. L. Smith and G. H. Mason, representing the concern, are now in Invercargill. SALES OF WOOL ELEVEN MONTHS’ BUSINESS. Messrs Dalgety A Co., Christchurch, report following sales of wool in New Zealand for eleven months ending Mav 31. 1923 and 1922:

Totals .. .. 463,833 469,048 Exports wool 11 months, 1923, 610,845 bales; corresponding II months, 1922. 817,268 bales. BUTTER AND CHEESE. SUBSTANTIAL INCREASE IN OUTPUT. WELLINGTON, June 11. Figures of the Dairy Division of the Agricultural Department show that salted butter graded for May, 1923, was 51,300 ewt, and unsalted 1106 compared with a total of 58,025 cwt. for May of last year, a decrease of 11.06 per cent. For the ten months ended May, 1923, the respective

quantities were 1,251,130 cwt. and 80,544 cwt., compared with a total of 975,335 cwt., an increase of 36.53 per cent. Cheese graded for May, 1923, comprised: White 47,504 cwt. and coloured 33,925 cwt., compared with 63,098 cwt. for May, 1923, an increase of 18.05 per cent. The totals for the ten months ended May, 1923, were: White 756,885 cwt., coloured 442,220 cwt., compared with a total of 1,255,773 cwt., a decrease of 4.51 per cent. Converting these figures into the butterfat equivalent, there is an increase of 21.23 per cent, in butter-fat production for the ten months compared with the corresponding period of 1921-22. SHOW DATES. RECOMMENDATIONS OF CONFERENCE The following Show dates were recommended at the annual conference of the A. A P. Associations held in Dunedin during Show week:— Christchurch—November 8, 9. Timaru—October 24, 25. Ashburton —November 1,2. Waimate —November 15. Winton—November 14. Taieri—November 17. Milton—November 20. North Otago—November 21, 22. Balclutha—November 22, 23. Dunedin—November 28, 29. Otautau—November 28. Wyndham—November 30. Gore—December 4, 5. Maniototo—December 6. Blacks—December 5. Southland—December 11, 12. Owaka—December 21. Waikouaiti —January 19. Blueskin—December 22. Palmerston—January 25. Mackenzie—Easter Monday STOCK EXCHANGES. YESTERDAY’S CALL-OVER. At yesterday’s meeting of the Invercargill Stock Exchange a sale of Soldiers’ Settlement Loan Bonds at £lO2 5/- was reported. Tlie latest quotations were as follow: National Bank of New Zealand, b. £6 15/-. Bank of New Zealand, b. 61/3. N.Z. Coal A OU, b. 2/9. N.Z. Insurance, s. 30/-. N.Z. and River Plate, b. 21/-. Wright, Stephenson A Co. (ord.), b. 27/-. Southland Frozen Meat Co. (£1 ord.), b. 29/-; (10/- ord.), b. 14/6; (£1 pref.), b. 29/-.

1 Huddart Parker, b. 44/-. U.S.S. Co., b. 20/-. Mosgiel Woollen Milla, b. £7 6/-. Greater Lyceum, s. 5/9. Milburn Lime & Cement, b. 35/-. New Zealand Drug, b. 64/-. N.Z. Milk Products, b. 24/9. N.Z. Paper Mills, a. 25/6. Inscribed Stock, 1938, a. £9B. War Bonds, 1938, a. £97 7/6; a., £9B. War Bonds, 1939, b. £97 7/6. P.O. Bonds, 1939, b. £97 7/6. P.O. Bonds, 1927, b. £97 10/-. P.O. Inscribed Stock, 1927, b. £97 10/-. P.O. Inscribed Stock, 1929, b. £97 10/-. Soldiers’ Settlement Loan Bonds, 1933, b. £lO2. Soldiers’ Settlement Loan Inscribed, b. £lO2. (Per United Press Association). CHRISTCHURCH, June 11. Latest quotations:—N.Z. Government stock 4i per cent. Inscribed, 1938, (b ) £97, (s.) £97 12/6; 5 per cent. Bonds, 1930, (s.) £98.10/-; Debentures—Booth, Macdonald, 7$ per cent., 1931, (a.) £lOO 10/-;. Christchurch Tramway 4{ per cent., 1934, (s.) £9O; Christchurch Gas Co. 5} per cent., 1935, (s.) £104; Banks —Australasia, (s.) £l3 15/-; Commercial of Australia, (b.) £1 18/6, (s.) £2; Commercial of Australia (4 per cent. cum. pref.), (b.) £7; National of New Zealand, (b.) £6 15//; New South Wales, (b.) £39 15/-, (s.) £4O; Royal (£1 paid), (b.) £1 15/6, (s.) £1 16/6; Royal (£4 paid), (a.) £7 5/-; Union of Australia, (b.) £l4 16/-, (s.) £l5; National of Australasia (rights), (b.) £3 11/-; Insurance—New Zealand, (s.) £1 9/9; South British, (s.) £1 19/6; Standard (s.) £2; Loan and Agency—Dalgety & Co., (b.) £l2 10/-, (s.) £l2 13/6; Goldsbrough Mort (cum. div.), (b.) £2 8/9, (s.) £2 9/-; N.Z. Loan & Mercantile (ord. stock), (b.) £80; Shipping—Howard Smith, (s.) £2 15/-; Howard Parker, (b.) £2 4/6; New Zealand (6 per cent. cum. pref.), (s.) £9 7/6; Union (5J per cent. cum. pref.), (s.) £1 1/-; Frozen Meat—N.Z. Refrigerating (£1 paid), (b.) £1 5/6, (s.) £1 7/-; N.Z. Refrigerating (10/- paid), (s.) 13/6; Coal— Westport, (b.) £1 18/6; Westport-Stock-ton (8 per cent, non-cum. pref.), (b.) 8/7; Woollens—Kaiapoi (£1 paid), (s.) £1 3/9; Kaiapoi (pref, re div. only), (s.) £1 1/6; Gas—Christchurch, (b.) £8 9/-, (s.) £8 10/-; Breweries—Crown, (b.) £2 12/-, (s.) £2 13/-; Manning, (s.) £5 16/-; Ward, (b.) £2 3/6, (s.) £2 6/-; TimberKauri (cum. div.), (b.) £1 9/6, (s.) £1 12/-; Miscellaneous—Beath & Co., (s.) £1 14/-; British Tobacco (Australia), (b.) £2 4/-; Burns Philp, (b.) £1 11/3, (s.) £1 12/3; Canterbury Farmers’ Co.-op. (6 per cent. pref, re div. only), (b.) £4, (s.) £5; D.I.C. (6 per cent. cum. pref.), (b.) £1 7/-; Mason Struthers (£1 paid), (b.) £1 5/3; N.Z. Fanners’ Co-op. (£2 paid), (b.) 15/-, (s.) 16/-; N.Z. Farmers’ Co-op. (6 per cent, pref., re div. only), (s.) £4; United Pictures, (s.) £1 6/-; National Electric, (s.) £1 0/6; Mining—Mount Lyell (cum. dv.), (b.) £1 4/-, (s.) £1 4/6; Waihi, (b.) £1 6/9; Waihi Grand Junction, (b.) 7/5, (s.) 8/-. Sales reported:—Government 5 per cent. (1930), £9B 5/-; Bank New South Wales, £4O; Goldsbrough Mort (cum. div.), £2 9/- (two parcels); Crown Brewery, £2 13/-; Manning’s Brewery, £5 15/- (five parcels). Sales on ’Change: Huddart Parker, £2 4/9; Manning's Brewery, £5 15/- (two parcels). AUCKLAND, June 11. Sales—War Loan, 1930, £97 10/-; Soldiers’ Bonds, £102; Devonport Borough sixes, £lO5 10/-; New Zealand Insurance, 29/6; South British, 38/9 ; Huddart Parker, 44/6, 44/8; Takapuna Trams, 20/6. Quotations, buyers, unless specified:—Banks— Australasia, 273/-; Commercial, 38/9, (pref.), £7; National, 134/6; New South Wales, £39 15/-; New Zealand, 61/6, 61/-; P. & 0., £l4 6/-; Union, £l5, £l4 16/-. Insurances—National, 78/6; New Zealand, 29/7, 29/3; South British, 39/3, 38/6; Standard (sellers), 40/-; National 22/-; Loan & Mercantile, £B5, £79, (pref.), £7B. Coals—Hikurangi, 13/6, (pref.), 14/6; Taupiri, 20/3, 18/9, (pref.) 23/6; Westport-Stockton, 5/3, (pref.) 8/3. GasAuckland, 26/-; Birkenhead and Northcote, 18/-, 17/6; Gisborne, 14/9. Shipping— Devonport Ferry, 27/6, 26/3; Howard Smith, 56/-, 53/-; Huddart Parker, 44/6; Northern, 14/7, (contrib.) 7/6, 7/1; P. & 0., £340, £320. Timber—Kauri, 29/3; Leyland O’Brien, 35/6; Parker & Land/ 23/6. Woollen—Kaiapoi, 23/-, (10/- paid) 11/6, 11/-, (pref, s 21/-; Abraham Williams (sellers), 82/6, (pref.) 97/6, 87/6; Associated Oil (sellers), 10/-; Bycroft, 23/-, 21/9: Dental and Medical Supply, 20/6, 18/9; Drug, 64/-; Meredith’s, Samoa, 10/3, 7/6; Milne & Choyce debenture, 24/-; Newton King (pref.), 17/3; Home Builders, 12/3; Milk Products, (sellers), 25/6; Refrigerating (contrib., sellers)), 13/8; Kauri Oils (sellers), 8/-, (contrib. sellers), 3/6; Wilson’s Cement, 27/9, 26/9; Moanataiari, 3/-, 2/6; Muir’s Reefs (sellers), 25/-; Waihi’ 27/6, 27/-; Grand Junction, 8/-, 7/7. Debentures—Auckland Gas, 1932, £93, £9O 1928 £104; Auckland Harbour 5} per cent, (sellers), £99; 54 per cent., £101; sixes, £106; City of Auckland, 1940, £9B; Devonport Borough sixes, £105; Booth Macdonald (sellers), £102; Bycroft (sellers), £101; Canterbury Farmers (sellers), £9B 10/-; Gisborne Sheepfarmers, £102; Macky Logan, £lOl 10/-; Farmers’ Union Trading Co., £95. War Loans, 1930, £97 15/-, £97 5/-; 1938 (sellers), £97 15/.; 1927, £9B 10/-, £9B; New Zealand Inscribed, 1927, £9B 10/-, £9B; 1929, £97 5/-; 1938, £97; 1939 (sellere), £97 15/-; Soldiers’ Bonds, £lO2 5/-, £lOl 15/-; Inscribed, £lO2. WELLINGTON, June 11. Sales reported: Inscribed Stock, 1939, £97 10/-; Bank of New Zealand, £3 2/(cum. f'iv.); Crown 8.-ew:-y, £2 14/-.

1923. Bales. 1922. Invercargill .. 22,400 27,238 Dunedin .. .. •. 62,255 73,529 Tim am .. 29,549 29,543 Christchurch .. •. 65,345 74,268 Blenheim .. .. 328 570 Wellington .. 114,134 114,873 Wanganui.. .. .. 44,778 44,089 Napier .. 80,173 67,908 Giaborne .. .. • • 8,250 3,351 Auckland .. .. .. 36,612 33,679